Longline Financial closed a $25 million participating preferred equity investment in Reeves Creek, a 299-acre, fully entitled, master-planned development site in Stockbridge, Georgia — located in Henry County near McDonough, along metro Atlanta's I-75 South growth corridor.
The site is entitled for 1,441 residential units and 41,000 square feet of commercial space across multifamily, single-family, townhome, senior housing, and retail pods. Longline funded approximately 98.5% of the total transaction — an unusually high capital share that reflects the creative, alignment-driven structure required to execute on a site of this scale and complexity.
The transaction is structured to support a sponsor-led, phased development and pod-level sell-down strategy designed to deliver a master-planned community in one of metro Atlanta's most active suburban submarkets. Capital was deployed to fund acquisition of the 299-acre site, base infrastructure improvements — including a new spine road, a lift station, and an extension of the sewer trunk line — and reserves and closing costs.
The participating preferred equity structure pairs a preferred return with a profit participation feature, fully aligning Longline and the sponsor around long-term value creation as individual pods are sold or developed.
Large, fully entitled master-planned land sites rarely fit neatly into conventional acquisition capital. They involve phased deployment, multiple potential buyer pools a cross asset classes, and execution paths that don't always align with traditional debtor equity structures alone.
For Reeves Creek, Longline funded approximately 98.5% of the total transaction through a participating preferred equity investment — a capital share and structure designed to match the asset. The structure aligns Longline and the sponsor fully around a measured, value-maximizing sell-down rather than a forced single exit.
Closing also moved on an accelerated timeline — a transaction speed that was itself a meaningful component of the value created, given the sponsor's window to lock in the site and the broader market interest in entitled metro Atlanta land.
Reeves Creek, Stockbridge, GA — 299-acre fully entitled master-planned site in Henry County.
Reeves Creek sits in Stockbridge, Georgia, in Henry County — one of the fastest-growing counties in metro Atlanta and a focal point of population and employment expansion along the I-75 South corridor near McDonough. The submarket has attracted sustained interest from regional and national homebuilders, retailers, and senior housing operators drawn by household formation, commuter access to downtown Atlanta, and a deep pipeline of nearby completed and in-progress master-planned developments.
Notably, Henry County has more recently moved to restrict new high-density residential zonings, applying additional scrutiny to multi-family and master-planned proposals. That regulatory backdrop makes existing, fully entitled inventory — like Reeves Creek— increasingly scarce and difficult to replicate.
• Site: 299 acres in Stockbridge, GA (Henry County)
• Entitlement: 1,441 residential units and 41,000 SF of commercial across multiple pods
• Planned uses: Multi-family, single-family, townhome, senior housing, and commercial/retail
• Status: 100% zoned and entitled, with Land Disturbance Permits (LDPs) in hand for the initial development pods and the planned infrastructure work
• Infrastructure scope: Sponsor will fund and execute a new spine road, a lift station at the southeast corner of the site, and an extension of the sewer trunk line —improvements designed to expand the buyer pool for future pod sales
Reeves Creek closed in coordination with the completion of a key piece of municipal sewer infrastructure: Henry County's extension of a 24-inch sewer main to the site. The timing of that municipal work — funded and substantially completed alongside the closing of the transaction — materially shortens the path to vertical for downstream multi-family, senior housing, single-family, townhome, and commercial pod development. Combined with the sponsor's planned spine road, lift station, and trunk-line extension, the result is a substantially de-risked utility profile for future builders and developers acquiring individual pods.
The borrower is Aston Wright, an Atlanta-based, vertically integrated real estate development and construction platform with a focus on the Southeast U.S. The firm controls the full development lifecycle — from land acquisition and entitlement through horizontal development, vertical construction, and asset management — supported by a leadership team with more than 30 years of combined experience in development, construction, and capital markets.
Aston Wright's leadership team has direct, comparable execution experience in the same submarket. A senior member of the firm previously led a similar master-planned development a few miles south of Reeves Creek along I-75 that today is home to roughly 520 multi-family units, 140 townhomes, 240,000 SF of senior housing, and a commercial program anchored by Costco, Sprouts, and a Chick-fil-A outparcel — a useful proof point for the type of phased, mixed-use execution Reeves Creek is positioned to deliver.
Reeves Creek also builds on a deepening relationship: Longline Financial and Aston Wright are concurrently in advanced discussions on a separate construction financing in coastal Georgia, reflecting Longline's broader platform approach to repeat sponsors with proven execution.
The sponsor's business plan centers on phased, pod-by-pod monetization of the site. The single-family and townhome pods are positioned for sale to regional and national home builders, while the multifamily, senior housing, and commercial pods are expected to be developed or sold as market conditions and pad-level demand dictate.
The participating preferred equity structure is designed to compensate Longline with a preferred return through the hold period while preserving upside on remaining pods as the master plan executes — a structure built for a multi-asset-class business plan that does not depend on any single exit.
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Longline Management, LLC is an investment holding company based in Atlanta, GA. Founded in 2019, Longline invests in real estate and hard assets, related credit strategies and select operating companies. Longline invests nationally with a focus on the Southeast U.S. Since inception Longline has invested $500 million of equity across its platform on behalf of institutional and individual investors and for its own account.
